Report shows 72.6% increase to net cash flows for Sony New Zealand

Sony New Zealand has released its latest financial report detailing its finances as of 31st March 2023. The report shows that Sony New Zealand's Gross Profit for the year stayed relatively steady, with the company reporting a slight decrease NZD $12.2 million in 2023, down from NZD $12.4 million in 2022.

Profit before tax for the company grew year-on-year, up from NZD $1.68 million in 2022 to NZD $2.07 million, a sizeable increase of 22.9%.

The company's cash and cash equivalents at the 31st March 2023 saw a significant decrease year-over-year, dropping from NZD $23.8 million in 2022 to NZD $12.2 million in 2023, a decrease of 48.8%.

The report also showed that Sony New Zealand's total assets fell from NZD $48 million in 2022 to NZD $38.7 million in 2023, a sizeable decrease of 19.5% year-on-year.

Sony New Zealand's net cash flows from operating activities, however, saw a large growth in the report, from NZD $5.87 million in 2022 to NZD $10.1 million in 2023, a significant increase of 72.6%.

Finally, the total comprehensive income saw a 36% increase from NZD $833k in 2022 to just NZD $1.13 million in 2023.

The audit of Sony New Zealand was performed by the international audit firm PWC.

This news comes after earlier reports were released detailing the financial position of Sony Interactive Entertainment New Zealand as of 31st March 2023.

The report showed that the Interactive Entertainment side of Sony had its revenue from contracts with customers increase from NZD $43.2 million in 2022 to NZD $75.6 million in 2023, a substantial increase of 75%. 

The company's profits before tax also saw a large increase from NZD $1.36 million in 2022 to NZD $2.32 million in 2023, a 70.8% growth year-on-year. As for the company's profit for the year, it's a similar result, with an increase of 70% from NZD $980k in 2022 to NZD $1.67 million in 2023.

Interestingly, receipts from customers (incl. GST) also saw a large increase year-on-year for Sony Interactive Entertainment NZ, up from NZD $48.7 million in 2022 to just NZD $82.3 million in 2023, a 69% increase.

Sony Interactive Entertainment NZ's cash and cash equivalents at the end of the year saw another large increase, growing from NZD $1.45 million in 2022 to NZD $3.64 million in 2023, a drastic increase of 150%.

As for the company's total assets, they saw a substantial increase year-on-year from NZD $10.5 million in 2022 to NZD $27.6 million in 2023, a significant increase of roughly 162%.

The reports for Sony show very different increases and decreases for each side of Sony's efforts in New Zealand.